IBS Journal chats to Alain Falys, Co-founder and CEO, Yoyo Wallet, which has created a platform enabling retailers to both accept in-store mobile payments and deliver rewards to customers based on their purchasing habits.

IBS Journal: What’s your business model?

Alain Falys: We consider the mobile payment transaction as an enabler to a very different buying experience, where the recognition and the rewards for the customer’s loyalty is immediate (and in the app). Therefore, our business model revolves around the provision of a customised retailer loyalty programme, for which we charge a monthly fee, and marketplace transactions within the app, for which we charge a percentage fee.

IBS Journal: What sets you apart?

AF: Where Yoyo is accepted, the user engagement is high, people use it instead of cash, cards or contactless cards. Also, we have solved the chicken and egg problem: Yoyo is used in closed environments like universities and corporate canteens and is now hitting the High Street.

IBS Journal: Who or what inspired you to set the company up?

AF: The success of the Starbucks mobile app and the failure of the payments industry to make mobile relevant for retail.

IBS Journal: What has been your smartest move?

AF: Getting 50% of the largest universities in the UK and the world’s largest catering companies to accept Yoyo on their campuses.

IBS Journal: What was your biggest challenge/setback?

AF: Making retail chains realise that consumers will not download a mobile wallet or proprietary app for every retailer they shop at.

IBS Journal: Where do you want to be in five years?

AF: The largest mobile-first marketplace in the US, the UK and Western Europe.